[Analysis: Market Sentiment Recovers After Crash, BTC Rebounds After Hitting Lowest Point Since October 2024] According to CoinDesk, the crypto market experienced a phase of recovery after a sharp sell-off, rebounding above $65,000 after hitting its lowest level since October 2024. Ethereum also recovered from a low of around $1,750 to near $1,900. On the macro level, the overall pressure on risk assets remains the main backdrop. Recently, tech stocks have weakened, risk appetite has declined, and precious metals have shown synchronized volatility with crypto assets, further intensifying the market's deleveraging process. However, panic sentiment has not completely subsided. Previously, the options market saw extreme protective buying, with some traders even positioning for put options with strike prices as low as $20,000, indicating that the market is still hedging against extreme tail risks. Overall, this round of the crash is more reflective of a phase of recovery following leverage unwinding and a contraction in risk appetite. A short-term technical rebound may have occurred, but the medium-term trend still depends on macro liquidity, the performance of tech stocks, and institutional capital flows.